An attractive high street retail and office investment.
The premises comprise a three storey Grade II Listed building with basement.
The ground floor retail unit trading as FABRRO has been fitted out to provide a café and bar to the front of the unit with a seating area to the rear. There is also an external covered seating area. A staircase behind the bar leads down to the basement which is used as a commercial kitchen and for storage and benefits from a suspended ceiling and a wall mounted air conditioning unit.
The offices on the first and second floors are carpeted and benefit from gas fired central heating. The first floor benefits from a rear meeting / private office which is glass partitioned. The second floor has a modern kitchen and toilet.
Location
Reigate is a prosperous market town, situated 18 miles to the south of Central London. The town has a good mix of multiple and independent retailers, restaurants, cafes, and bars. The property is situated on the Northern side of the High Street within a strong retail pitch.
Reigate benefits from good road and rail connections, with Reigate Railway Station within easy walking distance of the town centre and Junction 8 of the M25 2 miles to the North.
Accommodation
The property provides the following accommodation and floor areas:
Ground Floor - Retail - 565 sq ft (52.49 sq m)
Basement - Kitchen/Storage - 262 sq ft (24.34 sq m)
First Floor - Offices - 282 sq ft (26.20 sq m)
Second Floor - Offices/Kitchen - 269 sq ft (25.00 sq m)
Terms
EPC - This property has an EPC Rating of C (71).
TENURE - Freehold.
SALE PRICE - We are instructed to seek £450,000 for the freehold, subject to contract. A purchase at this level would reflect a net initial yield of 6.00% assuming usual purchaser’s costs.
VAT - We understand that VAT is not applicable to the sale price.
LEGAL COSTS - Each party is to pay their own costs.
TENANCIES:
Tenant - M & E Design & Build Limited
Term - Start 15/05/2018 Expiry 14/05/2025
Rent (PA) - £28,000
Repair & Insurance - Full Repairing & Insuring
Other - Personal Guarantors, No breaks, Inside Landlord & Tenant Act 1954
Specification
- Freehold retail and office investment
- Prime town centre High Street location
- Café / Bar on ground floor & basement with offices above
- Whole building let to single tenant until May 2025
- Current rent of £28,000 per annum
- Freehold price £450,000 (subject to contract)
- No VAT